All ways of obtaining a residence permit in Cyprus

Residents of many countries today want to obtain a residence permit and even citizenship in Cyprus. The easiest way to do that is to buy real estate. Its cost must be at least 300 thousand euros. If more than 2 million euros were spent on the purchase of square meters, you may be eligible for citizenship.

It should be noted that over the past few years, real estate in Cyprus has risen significantly. At the same time, the demand is still growing. This is due to the fact that the country has abolished the tax on real estate, and also expanded the possibilities for obtaining a residence permit. All this increased the interest in apartments and houses in this country: potential buyers rushed to buy housing before its cost went even higher.

Procedure for obtaining a residence permit when buying real estate

A residence permit in Cyprus is issued for a period not exceeding 1 year. However, this does not give you the option to work in the country. Another condition is that in a given year a person should not travel abroad for at least 180 days.

The procedure for obtaining a residence permit in this way is quite simple:

• purchase an object for the required amount;
• confirmation of your official income;
• opening an account in one of the banks in Cyprus;
• provide a certificate of no criminal record;

A prerequisite is that you only need to buy a new object directly from the developer.

It is also worth noting that you can get a residence permit not only when buying real estate, but also when renting a home. Its area must correspond to the size of the family, and the contract with the landlord will have to be concluded for at least a year.

Other ways to obtain a residence permit

Another way to obtain a Cyprus residence permit is to organize your business in this country. Experts note that it is quite profitable to open a business in the conditions of the economic situation of this state. Taxes are optimized here in order to increase opportunities for the development of various business areas.

It is also possible to get formal employment in Cyprus. This will also provide an opportunity to obtain a residence permit. However, this condition is simple only at first glance, since it is necessary not only to find an employer, but also to obtain permission to conduct the activity. This may require licenses, certificates, etc.

A fairly popular way to obtain a residence permit is to enroll in universities in Cyprus. Foreign citizens most often choose the faculties of economics and finance in educational institutions of this country for their children. This is due to the fact that the teachers here are the heads of the large companies and corporations who are able share not only theory, but also practical knowledge.

Regardless of the way in which the residence permit was obtained, it can always be extended after the end of the specified period.